Don’t Let Desperation Lead You to a Loan Shark

Are you in a desperate financial situation? Are you seeking immediate cash that can help reduce your stress and put you on a better path?

If you answered yes to these questions, it’s likely that you’re open to considering all your options.

If desperation sets in, it’s only natural to turn your attention to a loan shark. Even if you know this isn’t the best option, the attraction of fast money may be all it takes for you to give this a try.

As desperate as you may be, here are three reasons why you are better off avoiding a loan shark:

The interest rate will only make things worse. Even though you can get your hands on the money you need, the rate of interest is sure to cause you more trouble over the long run.

A loan shark is not easy to work with. For example, if you are unable to make your loan payment, a loan shark is not likely to take kindly to this. You are much better off working closely with a reputable lender, as this gives you options if you find yourself in trouble.

It’s hard to move on in the future. Once you get into the cycle of borrowing from a loan shark it can be difficult to break the mold in the months and years to come. You could find yourself feeling more trapped than ever, and that’s not a risk you should be willing to take.

You never want to find yourself in a desperate financial situation, but this could happen at some point in the future. If it does, don’t immediately turn your attention to a loan shark. As tempted as you may be, it’s not likely to be the best solution for you.

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What Can You Do?

We're fighting for healthy lending! It takes both demand and supply to create a marketplace. You can do your part by reducing demand for predatory lending by learning more about good loan practices, and how you should shop for loans.